BlogBookkeeping tips to help you build a solid financial foundation for your business. |
If I had it my way, everyone who has one of these three things would hire a bookkeeper.
Payroll — people don’t know how to categorize the different elements of payroll. Employee taxes aren’t deductible. And if you get into child support and 401ks then it just gets more complicated. Stripe, or Square fees and deposits. A lot of people count the deposit amount as the sale when the full amount should be recorded as the sale. Then the fees should be subtracted. Honeybook / Dubsado. These occasionally do not connect correctly with QuickBooks Online and cause a huge mess. There will be duplicate deposits or invoices making your bookkeeping hard to understand or figure out. Girl math is a funny trend, but can promote harmful financial ideas, especially for business owners.
“If my business pays for it, it’s basically free” 🚩 “Buying something on sale means I saved money––even if I wasn’t planning on buying it” 🚩 “Paying cash means it was free”🚩 “I’m reinvesting in my business so it’s ok I’m not paying myself” 🚩 These are all examples of “girl math” creeping into your business. As a business owner you can’t afford to play with your numbers. ✨You need facts, not vibes.✨ You need business owner math. And if you feel like this isn’t possible for you to achieve on your own, ask for help! A fellow business owner or your spouse or me! Let’s leave the girl math behind and get serious about business finances. |